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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 119,596 · FY2024 171,884 — 3-yr total 291,480
Silknet Holding LLC is the immediate holding entity above JSC Silknet — Georgia's largest fixed-line telecom operator (FTTH broadband + IPTV + post-Geocell mobile). Controlled by Silk Road Group; financials largely mirror the operating company.
Subsidiary of Shezghuduli Pasukhismgeblobis Sazogadoeba LLC Silk Road 402800095 Group Holding (95.0%)
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross Margin | 82.1% | 81.6% | 83.6% | 100.0% | 100.0% | 100.0% |
| EBITDA Margin | 54.7% | 53.9% | 54.8% | 59.4% | 57.4% | 61.3% |
| EBITDAR | 220,993 | 212,821 | 232,772 | 287,543 | 314,457 | 364,427 |
| EBITDAR Margin | 57.1% | 55.7% | 56.3% | 60.8% | 58.6% | 62.6% |
| EBIT Margin | 25.9% | 23.1% | 26.5% | 34.2% | 35.2% | 41.6% |
| Net Profit Margin | -12.4% | -24.5% | 10.6% | 27.9% | 28.8% | 33.2% |
| Operating Expense % of Sales | 27.4% | 27.8% | 28.8% | 40.6% | 42.6% | 38.7% |
| Returns | ||||||
| Return on Assets (ROA) | -5.7% | -10.5% | 5.1% | 16.0% | 17.7% | 21.9% |
| Return on Equity (ROE) | -373.1% | N/A | N/A | 257.3% | 216.4% | 255.4% |
| ROIC [EBIT / Invested Capital] | 15.2% | 13.5% | 18.3% | 29.2% | 37.9% | 47.8% |
| Leverage & debt balances | ||||||
| Debt-to-Assets | 84.8% | 90.5% | 85.4% | 71.0% | 66.4% | 67.1% |
| Debt-to-Equity | 55.97x | -10.05x | -11.36x | 11.44x | 8.13x | 7.81x |
| Debt-to-EBITDA | 3.41x | 3.95x | 3.24x | 2.09x | 1.88x | 1.66x |
| Equity-to-Assets | 1.5% | -9.0% | -7.5% | 6.2% | 8.2% | 8.6% |
| Net Debt | 647,233 | 734,873 | 662,513 | 501,555 | 427,916 | 430,482 |
| Cash & Equivalents | 74,889 | 77,793 | 71,555 | 84,955 | 151,850 | 161,048 |
| Total Debt | 722,122 | 812,666 | 734,068 | 586,510 | 579,766 | 591,530 |
| Liquidity & working capital | ||||||
| Current Ratio | 1.05x | 0.60x | 0.67x | 0.94x | 1.31x | 1.77x |
| Quick Ratio | 0.96x | 0.55x | 0.62x | 0.87x | 1.24x | 1.70x |
| Cash Ratio | 0.63x | 0.39x | 0.35x | 0.62x | 0.98x | 1.23x |
| Total Current Assets | 125,523 | 120,960 | 137,096 | 128,579 | 203,058 | 233,026 |
| Total Current Liabilities | 119,140 | 200,039 | 203,130 | 137,009 | 154,611 | 131,298 |
| Inventory | 10,980 | 10,645 | 10,675 | 9,878 | 11,470 | 9,843 |
| Trade Receivables | 37,481 | 30,349 | 31,750 | 31,573 | 37,565 | 38,926 |
| Trade Payables | 79,757 | 128,869 | 125,721 | 105,687 | 132,592 | 69,417 |
| Net Working Capital | 6,383 | -79,079 | -66,034 | -8,430 | 48,447 | 101,728 |
| Net Working Capital % of Revenue | 1.6% | -20.7% | -16.0% | -1.8% | 9.0% | 17.5% |
| Trade Working Capital | -31,296 | -87,875 | -83,296 | -64,236 | -83,557 | -20,648 |
| Trade Working Capital % of Revenue | -8.1% | -23.0% | -20.1% | -13.6% | -15.6% | -3.5% |
| Change in Trade Working Capital | N/A | -56,579 | 4,579 | 19,060 | -19,321 | 62,909 |
| Turnover & efficiency | ||||||
| Inventory Turnover | 6.30x | 6.59x | 6.36x | N/A | N/A | N/A |
| Days Inventory Outstanding (DIO) | 57.9 | 55.4 | 57.4 | N/A | N/A | N/A |
| Receivables Turnover | 10.33x | 12.59x | 13.02x | 14.98x | 14.28x | 14.95x |
| Days Sales Outstanding (DSO) | 35.3 | 29.0 | 28.0 | 24.4 | 25.6 | 24.4 |
| Payables Turnover | 0.87x | 0.54x | 0.54x | N/A | N/A | N/A |
| Days Payable Outstanding (DPO) | 420.8 | 670.7 | 675.9 | N/A | N/A | N/A |
| Cash Conversion Cycle | -327.5 days | -586.3 days | -590.5 days | 24.4 days | 25.6 days | 24.4 days |
| Asset Turnover | 0.45x | 0.43x | 0.48x | 0.57x | 0.61x | 0.66x |
| Cash flow & dividends | ||||||
| Operating Cash Flow | 201,857 | 226,731 | 229,362 | 283,693 | 326,707 | 355,538 |
| Free Cash Flow (OCF − Capex proxy) | 35,250 | 90,781 | 130,344 | 187,156 | 246,472 | 249,309 |
| Cash Conversion (OCF / EBITDA) | 95.3% | 110.2% | 101.2% | 100.9% | 106.2% | 99.7% |
| Dividends Declared | 1,077 | 0 | 0 | 0 | 119,596 | 171,884 |
| Dividend Payout Ratio | N/A | N/A | 0.0% | 0.0% | 77.5% | 88.9% |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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